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IDBI's 1Q profit skids - Views on News from Equitymaster
 
 
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  • Jul 27, 2000

    IDBI's 1Q profit skids

    IDBI has reported a YoY 23% drop in its net profits to Rs 2.2 bn during the 1QFY01 on interest income of Rs 19.8 bn. The decline in profit was mainly due to fall in other income, loss on sale of investments and increase in provision for tax.

    (Rs m) 1QFY00 1QFY01 Change
    Interest Income 18,607 19,865 6.8%
    Other Income 1,014 275 -72.9%
    Interest Expended 15,566 16,527 6.2%
    Operating Profit (EBDIT) 3,041 3,338 9.8%
    Operating Profit Margin (%) 16.3% 16.8%  
    Othre Expenses 539 550 2.0%
    Depreciation 504 557 10.5%
    Profit before Tax 3,012 2,506 -16.8%
    Tax 100 270 170.0%
    Profit after Tax/(Loss) 2,912 2,236 -23.2%
    Net profit margin (%) 15.7% 11.3%  
    No. of Shares (eoy) (m) 660 413  
    Diluted number of shares 413 413  
    Diluted Earnings per share* 28.2 21.7  
    *(annualised)      

    During the quarter sanctions of the institution increased by 47% to Rs 67.4 bn and disbursements grew by 47% to Rs 28.9 bn.

    At the current market price of Rs 36, IDBI is trading at P/E multiple of 2 times its 1QFY01 annualised earnings. Its valuations are comparatively lower than its peers. The reason being degrowth in its financial performance and quality of its assets.

     

     

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